Charterhouse Services purchased a van on 1 January 2013, for $56 000. It has an estimated life of 5 years, and an estimated residual value of $6 000. Charterhouse uses straight- line depreciation. At the end of 2014, Charterhouse revised the estimated life of the asset from 5 years to 6 years. How much was the depreciation expense in the year 2015?

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The Answer of Charterhouse Services purchased a van on 1 January 2013, for $56 000. It has an estimated life of 5 years, and an estimated residual value of $6 000. Charterhouse uses straight- line depreciation. At the end of 2014, Charterhouse revised the estimated life of the asset from 5 years to 6 years. How much was the depreciation expense in the year 2015?

Charterhouse Services Purchased a Van on 1 January 2013, for $56